Take Risk, you only live once

I bought the townhome that I live in and renovated and increased its value and added a whole bathroom.

I live in seattle but purchase deals in the midwest.

I don't need cash flow right now, I'd be more than happy just living for free and getting equity in this market. 

How easy is it to refinance in 6 months once people are able to live there, we have rent roll etc?

You'll reap the benefits in the long term when it's more widely accepted by renters here with the cost of living skyrocketing (it's a little better in Tucson compared to PHX, but still).Best of luck my friend! 

An option to purchase could be a duplex to house hack, this can help you bring in extra income, and/or if it needs rehabbed you can live in the property while you do the rehab. 

According to CBS 17 News, Raleigh is the #2 hottest real estate market in the US and Durham is #4.You could even invest on the outskirts as well because I know some people would not want to live directly in the city.

However, if you sold it now and did a 1031 you could buy a really nice rental that you might like to live in one day. 

If you arnt and your going to live there long term then again.. your other side is paying a very nice chunk of the overall interest.